Permalink Submitted by Alan - IRA critic on Thu, 2015-06-04 19:05
No restrictions, however if the 60 day deadline is missed and the IRS is asked to approve an exception in a letter ruling they will consider what the funds were used for. In that case, just sitting in a bank account with the intent to roll over is viewed as better than using the funds as a short term loan.
Permalink Submitted by Alan - IRA critic on Thu, 2015-06-04 19:05
No restrictions, however if the 60 day deadline is missed and the IRS is asked to approve an exception in a letter ruling they will consider what the funds were used for. In that case, just sitting in a bank account with the intent to roll over is viewed as better than using the funds as a short term loan.
Permalink Submitted by Joseph Schwarz on Mon, 2015-06-08 17:59
Thank you for the response, very helpful!